“Blockchain” is probably one of the biggest buzzwords in 2018. However, it has been estimated that currently less than 0.5% of the world population is involved in this space, leaving a huge knowledge gap for this emerging technology. In this article, Zeming Yu aims to bridge this knowledge gap. He then highlights some considerations for policymakers and the actuarial profession.
What is blockchain?
Nowadays, one could hardly open up the financial section of a newspaper without encountering an article mentioning bitcoin, cryptocurrency or blockchain. Bitcoin and cryptocurrency are full of drama. The huge price volatility, the ongoing debate about their legitimacy and the regular hacking attacks towards the crytpocurrency exchanges are all excellent news reporting materials.
Despite the constant media bombardment, the underlying technology is still not very well understood by the general public. Often people regard bitcoin and blockchain the same thing. While it is true that the blockchain technology underpins bitcoin, …